What’s the best way to describe procurement?
Give us you ideas here - I’ve been inspired by Cindy Rittel’s blog post to ask you https://www.procurious.com/procurement-news/explain-procurement-using-christmas-turkey
A really simple way to describe procurement is "The art of sourcing well." But it's hard to beat Cindy Rittel's Thanksgiving Turkey explanation! https://www.procurious.com/procurement-news/explain-procurement-using-christmas-turkey
“In conclusion; our major contract expires tomorrow. We have no idea what we want, and no knowledge of the market. It is time to pass this across to the Procurement team!"
On paper, "procurement" and "purchasing" are effectively synonymous. Look deeper, however, and there's a major distinction. Purchasing is what we all do when go to the grocery store - it doesn't get more complicated than comparing unit prices. "Procurement" suggests a more strategic, holistic way of understanding value. A good Procurement business unit does far more than secure a great price. They optimize supplier relationships and sourcing processes to ensure goods and services are attained at the best possible value.
In short, purchasing is a one-off while procurement is an ongoing, evolving process.